Bemis Buys Rio Tinto Packaging Business

US packaging company Bemis has reached an agreement with global mining giant Rio Tinto to buy the latter's Alcan Food Americas division for US$1.2bn. The unit generated sales of US$1.5bn in 2008 and includes 23 packaging facilities in the US, Canada, Mexico, Brazil, Argentina and New Zealand. The move will boost Bemis's annual net sales by around 40% and will mean that Bemis derives 70% of its sales from the food sector. This is up from 57% at present and the firm has suggested that this is a positive given the resilience of food packaging at a time when other

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